Ritchie Bros to buy U.S. e-commerce site IronPlanet for $758 mln

Reuters Staff

1 Min Read

Aug 29 (Reuters) - Canadian industrial auctioneer Ritchie Bros Auctioneers Inc said it will buy IronPlanet, a privately held U.S. e-commerce site for used equipment, for about $758.5 million, as it looks to diversify its portfolio.

Burnaby, Vancouver-based Ritchie, which focuses on the sale of heavy machinery, will fund the transaction with a combination of cash and new debt.

IronPlanet, backed by Caterpillar Inc, allows users to place bids online or on-site, or buy at a fixed price. It offers a multi-channel platform for the sale of assets.